Can bioenergy technology, forest capital, and agricultural credit drive a low-carbon economy?

Sustainable and green economic growth has become the foremost objective of policymakers worldwide due to its significance in achieving sustainable development objectives. In recent years, academics and researchers have shown a growing interest in identifying the determinants of green growth, with some focusing on the roles of forest resources, agricultural credit, and bioenergy technology. To address this gap in the literature, the analysis aims to investigate the impact of forest resource stocks, agricultural credit, and bioenergy technology on green growth. To empirically test the relationship between forest resource stocks, agricultural credit, bioenergy technology, and green growth, we used the method of moments quantile regression (MMQR). The outcomes of the MMQR technique suggest that forest resource stocks negatively affect green growth at all levels, whereas bioenergy technology enhances green growth at both the medium and higher levels. Additionally, agricultural credit proves beneficial in achieving green growth. Further, the strictness of the environmental policy promotes green growth at all levels, whereas human capital enhances it at the lowest levels. From a policy perspective, the findings suggest that promoting bioenergy technology, strengthening agricultural credit systems, and implementing efficient forest management practices can foster sustainable green growth.